Reading HJ's aution reports, what does he mean by a provisional sale at, say £34,500?? Does this mean it reached the reserve or not. And if it did, surely the buyer must buy or am I taking too much of a leaf from property sales by auction?
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Espada III - well if you have a family and need a Lamborghini, what else do you drive?
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And unofficially?
I think the whole shebang is a slightly dodgy mess. Either a car has a reserve or it doesn't. If it hits the reserve it should sell, if not then it should be retained.
The provisional racket means that occasional private buyers like me are stuffed when we go to purchase "a car" at auction(i.e. not really bothered what car, I just want one of many). Picture the scene. I bid on car A and it's provisional. I bid on car B and it, too, is provisional.
Then, off I trot to the provisionals desk, wait around a while, and find that in the time between screen refreshes of the provisional list, both my bids have been accepted.
Result, a shedload of hassle for me. So, what actually happens is I get car A provisional, ignore cars B,C,D,E.... then find that my provisional hasn't been accepted and I've wasted another day at the auction.
It's all a conspiracy; they are all out to get me.
V
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Does the auctioneer look at you and say 'provisional' or owt similar?
If so, I would guess that quickly drawing your finger over your throat would convey a cancellation.
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So it is similar to property auctions, where a lot does not quite reach the reserve.
Frequently the highest bidder will be advised that he can have the property 'for another £xxxx more' than his last bid. If the vendor is in the room and agrees, or the auctioneer has instructions, the property can be sold post bidding under auction conditions, at below the reserve.
It does cause the same problems as noted above, except you are unlikely to go to an auction thinking about buying one of several properties.
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Espada III - well if you have a family and need a Lamborghini, what else do you drive?
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Result, a shedload of hassle for me. So, what actually happens is I get car A provisional, ignore cars B,C,D,E.... then find that my provisional hasn't been accepted and I've wasted another day at the auction. It's all a conspiracy; they are all out to get me.
Answer to that is to not bid until you hear the auctioneer say it's on sale (i.e. has reached the reserve). Unless no-one bids on the car, in which case stick your hand up, he'll either announce it provisional or not sold, either way there's nothing to stop you from going to the provisionals desk and making an offer on the car if you really want it. The rules aren't laid down hard and fast at auctions, they are there to sell cars at the end of the day.
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And unofficially? I think the whole shebang is a slightly dodgy mess. Either a car has a reserve or it doesn't. If it hits the reserve it should sell, if not then it should be retained.
but if the seller has put a reserve of £10,000 on a car and it bids to £9,975 then you'll get the car, there just isn't any point in him putting it through on another day if its that close.
if it only bids to £7,000 then you won't get the car, and somewhere in between is where some decisions really have to be made.
but that's all official, you need to be a trader to find out the unofficial stuff.
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I read often, only post occasionally
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This is where you'll appreciate the bigger, BRANDED, sections, within the sales.
Normally, a rep from the fleet operator will be on the rostrum & gives an instant decicision - but still some vehicles have to wait 'till end of the sale, for final answer. An example would be if there were several, similar cars & a true value was deing dictated, from within the auction bidding.You'd be surprised how wrong, predicted residuals differ, from 'on the day' selling price!!
VB
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I asked my Dad, who is a dealer and account customer at a number of auction sites, about having the highest bid on a provisional sale and then bidding for another car.
It depends on a number of factors. If the seller is in a position to agree to sell at a lower price immediately then the he will be sold the car at his bid. If they want to haggle then he has the choice.
If they can't accept his highest bid immediately and he buys another car subsequently then the auction will ask him if he still wants to buy the car at that price.
That's his experience as a regular account buyer. Private punters may not get the same treatment. They have to pay a deposit as if they had bought the car to have their provisional bid submitted. If the seller and buyer cannot reach agreement then the deposit is refunded.
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